L-R: Mr. Ademola Adebise (Non-Executive Director); Mr. Babatunde Fajemirokun (MD/CEO); Mr. Donald Kanu (Company Secretary) and Mr. Adewale Kadri (Executive Director, Technical & Head, Corporate Business)
BY NKECHI NAECHE-ESEZOBOR—hareholders of AIICO Insurance Plc on Tuesday at its 50th Annual General Meeting, approved increase of its authorized share capital from N18billion to N20billion.
The shareholders at the also gave declaration of 1 bonus share for every eight (8) ordinary shares held by existing Shareholders of the Company as at December 28, 2020 payable from retained earnings and 1 bonus share for every five (5) ordinary shares held by existing Shareholders of the Company as at December 28, 2020 payable from share premium.
Cross-section of Shareholders and other stakeholders at the venue of the meeting
Speaking at the meeting which was held virtually complies with COVID-19-related directives and guidelines, the chairman if the company, Mr. Kundan Sainani, expressed his gratitude for the immense support the Company has received from its Shareholders.
He assured them of the Board’s commitment to continue to steer the affairs of the Company on the path of continuous and sustainable progress, irrespective of daunting macro-economic challenges.
The Managing Director and Chief Executive Officer, Mr. Babatunde Fajemirokun, at the meeting also shed some light on the satisfactory progress the Company has made in its recapitalization journey, having surpassed the December 2020 expectations of the Regulator. “There are no doubts that we have made some giant strides along this path. Beyond just meeting the requirements, we have seen the potentials and value this exercise brings and have positioned ourselves to take full advantage for value creation, both in the short and long term. AIICO will emerge stronger and with greater capacity to underwrite more risks”, he said.
AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance and investment management services as a means to create and protect wealth for individuals, families and corporate customers.
